Bitcoin fell around 1.7% on Monday even as oil dropped on hopes of a diplomatic resolution to the US-Iran war. Analysts point to $76,000 as the level to watch next.
Bitcoin fell around 1.7% on Monday as stocks pared early gains fueled by hopes of a diplomatic resolution to the US-Iran war. BTC returned below $77,000 after the Wall Street open.
Oil drops on Rubio comments, but crypto does not follow
According to TradingView data, BTC/USD extended its daily losses to 1.7% after reaching a local high of $78,750 following Sunday's weekly close.
Comments from US Secretary of State Marco Rubio sparked a sharp retreat in oil prices as markets priced in higher odds of a non-military resolution. Rubio said Trump would like to end the conflict diplomatically.
WTI crude oil was down over 7% on the day near $96.50 per barrel after touching $95.15, its lowest level since Oct. 15. Brent crude was 9% lower at around $103.30.
Stocks fade ahead of Apple and Palantir earnings
US stocks opened higher, but upside for the S&P 500 and the Nasdaq Composite Index was soon tempered ahead of third-quarter earnings reports from Apple and Palantir. At the time of writing, the Nasdaq Composite Index was around 0.2% higher on the day.
Gold, meanwhile, rebounded past $3,950 per ounce after hitting 13-month lows of $3,891 on Friday.
Analysts watch $76,000 support
Crypto trader and analyst Rekt Capital warned that BTC/USD could still fall below local support at $76,000. The three-day chart showed the pair had attempted unsuccessfully to break through horizontal resistance at $78,500.
Rekt Capital told X followers on Monday: "price could very well go below ~$76000"
Trading company QCP Capital noted that the zone between $76,000 and $76,600 had sparked an upward reversal four times since September. QCP said a break of support would bring the 50-week average near $75,700 into view.
Source: Cointelegraph
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